ICCI president stresses economic diplomacy for steady growth

September 29, 2022

In Islamabad. Over the course of the last 40 years, he has worked tirelessly to forge friendly ties with the diplomatic community.The steady expansion of trade and investment is essential to a nation's progress and prosperity in the present era of economic conflicts and international relations requires the use of economic diplomacy since the globe has entered a geo-economic phase, said President of the Islamabad Chamber of Commerce and Industry (ICCI) Ahsan Zafar Bakhtawari.
He made the remarks at a dinner reception hosted by the ICCI in honor of foreign diplomats and the business community, according to a press statement received by WealthPK.
Ahsan believes that creating new industrial parks and special economic zones, streamlining the tax code, promoting exports, and connecting Pakistan's economy to major global economic centres are all ways to more successfully accomplish this aim.
Economic stability is preserved through promoting trade, commerce, and investment activity in a nation, he continued.
He explained that in order to explore new channels for promoting trade and investment, Pakistan must maintain and advance friendly relations with the rest of the world.
Moreover, he said that the gathering is a positive step toward fostering close collaboration between the diplomatic and business communities.
The country, according to the ICCI president, is currently dealing with serious economic difficulties, which have a major impact on businesses as well.
"We think that deepening trade ties with other nations is the best way for Pakistan to overcome these economic challenges," he said.
He said that the commercial and industrial sectors are the foundation of the economy.
"We think that when our businesses and industries grow, Pakistan will grow more effectively," he continued.
He said that in order to achieve this goal, the government must do more to foster an environment that will encourage business and economic activity.
According to Ahsan, the ICCI has always been at the forefront of efforts to connect the business community with foreign diplomats so that they can jointly discover new ways to advance trade and exports with other nations.
He said that it is a source of great pride for the chamber that its former executive member Raja Pervaiz Ashraf served as the former prime minister and at present the Speaker of National Assembly.
He also appreciated the international community for providing generous support to Pakistan for the relief of flood victims.
At this crucial moment, many nations, including China, Saudi Arabia, Qatar, Türkiye, Uzbekistan, the UAE, the United States, stepped forward to support Pakistan, he stated.
"I would prefer that foreign nations prioritize promoting trade with Pakistan over aid. In the long-term, it would benefit our economy,” he said.
He urged the business community to concentrate on emerging markets, such as those in Africa, Central Asia, ASEAN, South Asia, the Middle East, and Europe, all of which offer significant opportunities for boosting Pakistan's trade and exports.
He expressed his hope that foreign diplomats would support the private sector in such initiatives and invited all ambassadors, high commissioners, and commercial advisors to ICCI.
Ahsan’s father Zafar Bakhtawari was well known to the diplomatic community
Ahsan said, "I will carry on the legacy of my father to further strengthen Pakistan's trade and economic ties with potential global markets."

Credit: Independent News Pakistan-WealthPk